Marks and Spencer 2013 Annual Report Download - page 67

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Governance Marks and Spencer Group plc Annual report and financial statements 2013 65
Overview Strategic review Financial review Governance Financial statements and other information
Board appointments and contracts
The contract terms and current annual salaries/fees for all members of the Board are set out in the table below:
Contract terms and current annual salaries/fees for all current members of the Board
Name
Date of
appointment
Notice period/unexpired
term
Basic salary/
fee
£000
Committee chair/
SID fee
£000
Current annual
salary/fee
£000
Total 2012
£000
Change
£000
Chairman
Robert Swannell 23/08/2010 6 mths / 6 mths 450 – 450 450 –
Chief Executive Officer
Marc Bolland 01/05/2010 12 mths / 6 mths 975 – 975 975 –
Executive directors
John Dixon 09/09/2009 12 mths / 6 mths 600 600 562 38
Steve Rowe 01/10/2012 12 mths / 6 mths 525 – 525 – –
Steven Sharp 08/11/2005 12 mths / 6 mths 689 – 689 675 14
Alan Stewart 28/10/2010 12 mths / 6 mths 579 – 579 567 12
Laura Wade-Gery 04/07/2011 12 mths / 6 mths 552 – 552 541 11
Non-executive directors
Vindi Banga 01/09/2011 3 mths / 3 mths 70 – 70 70 –
Miranda Curtis 01/02/2012 3 mths / 3 mths 70 – 70 70 –
Jeremy Darroch 01/02/2006 3 mths / 3 mths 70 15 85 85 –
Martha Lane Fox 01/06/2007 3 mths / 3 mths 70 – 70 70 –
Andy Halford 01/01/2013 3 mths / 3 mths 70 – 70 – –
Steven Holliday 15/07/2004 3 mths / 3 mths 70 15 85 85 –
Jan du Plessis 01/11/2008 3 mths / 3 mths 100 – 100 100 –
What are the current service contracts and terms of
employment for directors?
Executive directors
All executive directors and senior managers have service
contracts that can be terminated by the Company giving
12 months’ notice and the employee giving six months’ notice.
The Company retains the right to terminate the contract of any
executive director summarily, in accordance with the terms of
their service agreement, on payment of a sum equal to the
contractual notice entitlement of 12 months’ salary and specified
benefits. In line with best practice, the Company reserves the
right on termination to make phased payments which are paid in
monthly instalments and subject to mitigation. Entitlement to
participate in share schemes ceases on termination.
Chairman
The Chairman has an agreement for service which requires six
months’ notice by either party.
Non-executive directors
Non-executive directors have an agreement for service for an
initial three-year term which can be terminated by either party
giving three months’ notice.
What were the changes to the Board during the year?
Directors appointed to the Board
John Dixon
John Dixon was appointed Executive Director, General
Merchandise on 1 October 2012 on a salary of £600,000. John
was originally appointed to the Board as Executive Director,
Food on 9 September 2009. His remuneration package is
consistent with the structure for all executive directors and the
full terms are disclosed in this report.
Steve Rowe
Steve Rowe was appointed Executive Director, Food on
1 October 2012 on a salary of £525,000. His remuneration
package is consistent with the structure for all executive
directors and the full terms are disclosed in this report.
Andy Halford
Andy Halford was appointed to the Board of Marks and Spencer
Group plc as a non-executive director on 1 January 2013. He is
a member of the Audit and Nomination Committees. He
receives a basic fee of £70,000 in line with the structure set out
on page 60.